• AK22-065 intersected a total 81.0 metres of composite mineralization including 1,057 cps over 52.3 m, ranks as the second-best drill hole on the project
• AK22-052 intersected 2,677 cps over 30.0 metres beginning 30.0 metres downhole, ranks as best drill hole on the project
• Another near-surface zone has been discovered

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide an update for the ongoing 20,000 metre diamond drilling program (the "Program") on the ACKIO high-grade uranium discovery ("ACKIO"), Hook project ("Hook"), Athabasca Basin area (the "Basin"), northern Saskatchewan (see Figure 1 and Table 1).

"Four of these reported drill holes now rank amongst the top six in composite radioactivity results, as Baselode continues to expand upon its ACKIO near-surface discoveries. These results demonstrate high levels of radioactivity but also considerable widths of mineralization. Additionally, results from AK22-063 suggest that we've discovered another near-surface zone. The remainder of the drill program will seek to delineate the extent of these near-surface zones as they remain open in all directions. These discoveries are very shallow, with mineralization beginning 25 metres from surface at the overburden contact, similar to the open-pit mines in the Athabasca's history, most notably Rabbit Lake, Cluff Lake, and Uranium City operations," said James Sykes, CEO, President and Director of Baselode. 

The Company has prepared a video presentation providing technical details and interpretations of the Program results. The video discusses:

• Results and interpretations of the near-surface mineralization just beneath the overburden contact, including a new zone of mineralization defined in hole AK22-063
• Hand-held scintillometer results do not reflect what's underground in AK22-065 (i.e., 20% lost core in mineralization)
• Ongoing modelling and interpretation of ACKIO as a whole
• Results of the drill fences to the southeast and their implications of mineralization

VIEW BASELODE'S WEBINAR "TECHNICAL UPDATE ON THE ACKIO 20,000 METRE DRILL PROGRAM"

Drill hole highlights include;

• AK22-052: 2,677 cps over 30.0 m at 30.0 m (best individual continuous radioactivity intersection at ACKIO to date) which includes
  • 4,728 cps over 7.6 m at 31.2 m and a maximum of 12,000 cps over 0.2 m
• AK22-065: 81.0 m of composite mineralization comprised of 1,057 cps over 52.3 m at 63.8 m (3^rd best individual continuous radioactivity intersection) which includes
  • 2,488 cps over 12.75 m at 84.25 m and a maximum of 15,000 cps over 0.1 m
    And 745 cps over 14.75 m at 137.25 m which includes
  • 2,101 cps over 1.55 m at 145.1 m
    And 819 cps over 7.1 m at 167.5 m which includes
  • 3,139 cps over 0.9 m at 173.3 m and a maximum of 10,250 cps over 0.15 m
• AK22-053: 1,360 cps over 18.6 m at 137.4 m (fifth best individual continuous radioactivity intersection at ACKIO to date) which includes
  • 3,332 cps over 4.15 m at 145.75 m and a maximum of 8,000 cps over 0.1 m
• AK22-063: 52.3 m of composite mineralization comprised of 612 cps over 15.1 m at 53.7 m and 720 cps over 12.8 m at 80.85 m

Drill holes AK22-052 and AK22-053 were follow-up drill holes to AK22-051 which was the first drill hole off the drill pad (2,320 cps over 30.1 m at 27.0 m depth, see News Release dated May 31, 2022). Drilling to the north and west of the these drill holes have continued to grow near-surface mineralization in these directions. Drill holes are planned to follow-up the western and southern extents of near-surface mineralization previously identified in drill holes AK22-038 and AK22-041.

Since announcing the start of the Program on February 9, 2022 (see Company News Release), Baselode has completed 61 drill holes (AK22-005 to AK22-065) for 17,935.50 m (see Figure 1). Thirty-three of sixty-one drill holes have intersected continuously elevated radioactivity. A complete list of drill hole collar information and hand-held scintillometer radioactivity composite measurements for the drill holes reported in this news release (AK22-052 to AK22-065) are provided in Table 1. 

Samples from these reported fourteen drill holes have been submitted to the Saskatchewan Research Council's Geoanalytical Laboratory in Saskatoon, Saskatchewan, for whole-rock, multi-element and U₃O₈ analysis. Uranium assay results will be released as they are received after being compiled and thoroughly checked by the technical team.

ACKIO is 30 km southeast of well-established infrastructure, including an all-season road and powerline between Cameco Corp.'s (TSX: CCO) and Orano's McArthur River mine and Key Lake uranium mill joint ventures. ACKIO is 70 km northeast of the Key Lake mill. The Program is helicopter-supported to lessen any ground-induced environmental impacts within the project area.

FIGURE 1 – Plan map of the ACKIO mineralized surface expressions

TABLE 1 – Drill collar details and continuous composite elevated radioactivity results from drill holes AK22-052 to AK22-065

About Baselode Energy Corp.

Baselode controls 100% of approximately 227,000 hectares for exploration in the Athabasca Basin area, northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

Baselode's Athabasca 2.0 exploration thesis is focused on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.

QP Statement

The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a  Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedar.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.